The initial public offering (IPO) of Shyam Metalics & Energy opened for subscription today.
The initial public offering (IPO) of Shyam Metalics & Energy opened for subscription today. The bidding for the public issue will close on June 16.
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The shares will get listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
Here are the key things to know about Shyam Metalics & Energy IPO:
Shyam Metalics and Energy has fixed a price band of Rs 303-306 a share for its Rs 909-crore initial public offering (IPO).
Investors can subscribe to the IPO by betting for a lot of 45 shares or in multiples thereof. Retail investors can bid for a maximum of 14 lots.
The IPO comprises fresh issuance of equity shares worth up to Rs 657 crore and an offer for sale (OFS) to the tune of Rs 252 crore by existing shareholders. The size of the public issue was reduced to Rs 909 crore from Rs 1,107 crore as it decided to offload Rs 252 crore shares through OFS against Rs 450 crore as planned earlier.
The allotment for Shyam Metalics public offer will take place on June 21, 2021. Initiation of refund will happen on June 22 and shares will be credited to the Demat Account of allottees on June 23, 2021.
Participants in OFS
Those participating in the OFS are Subham Capital, Subham Buildwell, Kalpataru Housefin and Trading, Dorite Tracon, Narantak Dealcomm and Toplight Mercantiles.
Book running lead managers
ICICI Securities, JM Financial, Axis Capital, IIFL Securities and SBI Capital Markets are the book running lead managers to the issue.
About the company
Currently, the company operates three manufacturing plants that are located at Sambalpur in Odisha, and Jamuria and Mangalpur in West Bengal. The company had tried to tap the capital markets in the past too. It had filed draft papers for IPO with SEBI in 2018 and had even received clearance from the regulator. However, the company deferred its plans to list on the bourses.
The company intends to utilise the net proceeds from the fresh issue for repayment or prepayment of Rs 470 crore of its debt and that of its subsidiary, Shyam SEL and Power; and for other general corporate purposes.
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